How do libraries qualify for new property tax replacement credit revenues?
Following the approval of a library services plan, a county that does not contain more than two library districts may adopt an ordinance designating county economic development income tax (CEDIT) revenues for replacement of public library property taxes. The maximum amount of revenue generated by a CEDIT rate is 0.15%. All territory in the county must be included in a library district. In order to receive property tax replacement credits, the library must enter into reciprocal borrowing agreements with all other public libraries in the county.
